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Friday, January 6, 2012

10 Secrets of Shari'ah Compliance of Fund Management

Any fund management company which intends to offer its products and services with Shari'ah compliance to the financial markets, is recommended with the following '10' Secrets of success:

1. Establishment of a Shari’ah Council (comprising of at least 3 members with Shari’ah knowledge) to analyze and duly endorse on at least a quarterly basis all enforceable policies, guidelines, products and other related aspects and activities in accordance with Shari’ah principles.

2. Engagement of an independent Shari’ah Advisor (knowledgeable in Islamic finance, investment, management, Mu’amalat & Shari’ah) to advise the company closely in its day to day product innovations, accounts, policies, strategies, planning, marketing and other related documentations, images and activities.

3. The intended fund portfolio shall be segregated and be identified as “Islamic or Shari'ah Fund”.

4. Fund management investment policies and guidelines adapted by the company shall be conforming to Shari’ah principles.

5. Product innovation guidelines shall be imbued with Shari’ah spirit to screen through the existing products and develop new products accordingly.

6. Forms, procedures and relevant documents shall be developed with Shari’ah spirit and be segregated accordingly.

7. All accounts of the fund shall be segregated and be duly managed in accordance with the Shari’ah standards.

8. A separate management team for the operations which should duly comply with the Shari’ah standards in its planning and actions.

9. Establishment of a Shari’ah Audit to inspect the accounts accordingly.

ii) Monthly or regular investment

iii) Withdrawal from EPF (KWSP) - account 1

Maximum: (n/a)

Withdrawal/Redemption: at any time (5 days notice)

Who can invest?

i) Individuals or corporations

ii) Residents or non-residents of Malaysia

CWA is a top unit trusts marketing company, a marketing arm to CIMB Principal Asset Management which is a subsidiary of CIMB Group...the second most valuable listed company in Malaysia (market capitalization of more than RM80 billion).

For further info please contact your professional Islamic investment and financial consultant based in Kuala Lumpur or fill up the info request form below.

FOREIGN INVESTORS CAN ACCESS TO UNIT TRUSTS IN MALAYSIA

"There are no restrictions for foreign investors to access Islamic securities, bonds and unit trusts in Malaysia. Non-residents are free to invest in Malaysia in any of these products. There are also no restrictions on the repatriation of capital, profits and income earned from Malaysia."[Securities Commission Malaysia]